Ocean-GeoLoop (OCEAN) Q2 2026 earnings summary

Executive summary

• Underwent major transformation in 1H 2026, launching COOL for energy-efficient industrial and data centre cooling, targeting a USD 24 billion market with 22% annual growth in data centres.

• Carbon capture business (Captured AS) was scaled down, with all employees terminated by August and assets preserved for potential future use.

• Energi Teknikk AS faced market uncertainty due to proposed tax changes, resulting in reduced order backlog and liquidity challenges, but signed NOK 40.3 million in new contracts post-period.

• Ocean TuniCell AS underwent restructuring, secured bridge financing, and was sold to Lifecare ASA after the period, with contingent consideration linked to clinical milestones.

• Completed capital raise of NOK 36 million and converted NOK 11 million in bridge financing to equity, strengthening liquidity.

Financial highlights

• Revenue for 1H 2026 was NOK 93.1 million, down from NOK 106.8 million in 1H 2025.

• EBITDA was NOK -23.0 million (1H 2025: NOK -24.3 million).

• Net loss for the period was NOK -33.2 million (1H 2025: NOK -34.9 million).

• Cash balance at 30 June 2026 was NOK 38.3 million, up from NOK 20.6 million at year-end 2025.

• Equity stood at NOK 79.1 million after capital raise and debt conversion.

Outlook and guidance

• COOL continues testing and expects third-party validated results in September, with commercial partnerships targeted for late 2026 and first operational units in 2027.

• Energi Teknikk expects order intake to improve in 2H 2026 as market stabilizes post-tax uncertainty.

• Focus remains on capital discipline, operational momentum, and strategic priorities during leadership transition.